News
Bimputh Finance heading for liquidation
Over Rs 2 bn so far paid to depositors
By Shamindra Ferdinando
Bimputh Finance PLC (BFP) suspended by the Central Bank in terms of Section 37 of the Finance Business Act No. 42 of 2011 is in the process of paying its depositors.
A senior official of the Department of Supervision of Non-Bank Financial Institutions told The Island that of the total liabilities pertaining to BFP depositors, approximately Rs 58 mn was yet to be paid. At the commencement of the process the BFP owed depositors as much as Rs 3 bn, the official said, adding that some of those yet to be compensated couldn’t be located.
However, some depositors have been fully paid and the remaining full amount could be paid through the same process, the official said.
Department of Supervision of Non-Bank Financial Institutions regulates and supervises Licensed Finance Companies (LFCs) and Specialised Leasing Companies (SLCs) in terms of the Finance Business Act of 42 of 2011 and the Finance Leasing Act No 56 of 2000.
The official said that on Sept 01, 2023 the Central Bank withdrew the license issued to BFP and made a public announcement regarding the payment of compensation to the remaining depositors. “All claims should be made within two years from Sept 1, 2023,” the spokesperson said.
Responding to another query, the official said that once the compensation payment process was brought to a successful conclusion, the Central Bank would move on to the next stage. That would be the appointment of a liquidator by a competent court after the Central brings the matter to the notice of the Attorney General, the official said.
Daya Gamage founded the BFP in late July 2007, a year before he successfully contested the election for the Eastern Provincial Council. During the Yahapalana (2015-2019) administration the UNP National Organizer Gamage served as Minister of Primary Industries.
The official said that regulatory authorities had no option but to direct BFP to begin compensation payments after consolidation attempts failed. Had the BFP been successful in its negotiations, its assets and liabilities could have been passed on to another party thereby avoiding the liquidation process.
The Island also raised the developments pertaining to loans acquired by BFC during the period of operations against the backdrop of the Committee on Public Enterprises (COPE) taking up a loan the failed company obtained from HDFC Bank during the Yahapalana administration.
Last Nov the COPE inquired about Rs 350 mn loan HDFC Bank had released to BFP on July 18, 2018. The COPE hadn’t inquired about this particular loan at least once prior to it as the HDFC was never summoned before COPE during the tenure of Sunil Handunetti and Charitha Hearath as Chairman of the watchdog committee.
According to parliamentary records, HDFC Bank appeared before COPE on Nov 04, 2014 before being called again in Nov 2023 by Prof. Rajith Bandara.
The Director, Resolution and Enforcement Department has assured depositors of BPF that they would be compensated in line with the provisions of the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) Regulation No 02 of 2021.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
